U.S.A.: IRS publishes updated FATCA

On 27 June 2018, the U.S. Internal Revenue Service (IRS) further updated Frequently Asked Questions (FAQs) on the IRS website regarding FATCA.

The updated FATCA – FAQs General now include additional information about certifications and periodic reviews.

Q13 outlines how a Qualified Intermediary (QI) that is not acting as a Qualified Derivatives Dealer (QDD), should take into account the good faith standard described in Notices 2016-76 and 2017-42 with respect to its section 871(m) transactions as an intermediary for purposes of its periodic review.

We continue to monitor the situation and will provide further information as it becomes available.

This Taxflash is intended to provide customers with general information gathered from different sources that are generally believed to be reliable. Clearstream Banking S.A. does not guarantee the accuracy or completeness of the information and does not undertake to keep it up to date. Use of the information made available in this Taxflash is at the customer’s own risk and Clearstream Banking S.A. its subsidiaries and affiliates expressly disclaim any liability for any errors or omissions reflected herein. The information in this Taxflash does not constitute legal or tax advice.

U.S.A.: IRS publishes updated FATCA – General FAQs